Mansion House Accord

Shaun Davies Excerpts

Tuesday 13th May 2025 Commons Chamber

[Torsten Bell]

I always enjoy discussing these things with the right hon. Member, as we have done over recent months. He offers a recognition of the challenge facing the country, and in focusing on what we can do to start changing things, he takes a much better position than that adopted by his Front Benchers.

I recognise the right hon. Member’s point about risk-aversion. There is a need for more innovation in our pension landscape more generally—that is one of the areas in which I am glad to see progress. I take a slightly more positive view than he does on the consensus that things need to change. We are seeing that in the pensions industry more generally, partly in relation to investing in a wider range of assets, as well as in embracing the agenda that we are setting out for a smaller number of bigger pension funds that are able to take different kinds of risks.

The right hon. Member asks specifically about public equities. My view is that the accord from the industry today will support that by funding a pipeline of companies that can grow to the level at which they can list publicly. Also, private assets will include private shares, including the alternative investment market and others. I think the picture is slightly more positive than the one he paints, but I am not hiding from the wider question he raises about capital markets. The UK Government, the Chancellor and my colleague the City Minister are focused on that—he will have heard their words on ISA reform and the rest of it. I look forward to further conversations on that.

[Shaun Davies (Telford) (Lab)]

How will my hon. Friend bring together UK pension schemes and local and regional governments in order to invest in local infrastructure projects, given that European and global pension schemes invest when UK pensions schemes too often do not?

[Torsten Bell]

My hon. Friend asks a great and important question. We will have more to say on this in the months ahead as we come forward with the final report of the pensions investment review and the pension schemes Bill. Some local government pension schemes have a track record of investing locally, but we need to see that at scale, and we need to see it crowding in private investment, including perhaps from private pension funds. That is exactly what our package of reforms, combined with the industry’s work with the accord today, will help us to deliver. He is absolutely right to push us on that, as I am sure he will continue to do in the months ahead given his record in previous roles. We want higher investment levels, not just in some parts but in all parts of the country.

Public Authorities (Fraud, Error and Recovery) Bill

Shaun Davies Excerpts

2nd reading
Monday 3rd February 2025 Commons Chamber

[Liz Kendall]

One of the new measures introduced by the Bill, the eligibility verification measure, explicitly excludes the state pension. I reassure the hon. Lady on that point.

[Shaun Davies (Telford) (Lab)]

In places like Telford, it is a basic principle that people pay into the system and then take out of the system, or their neighbours do, when they are in need. The companies and individuals that are defrauding national benefits are often also defrauding local authority benefits and schemes. Will we extend these powers so that local government is able to work with national Government to pursue this fraud?

[Liz Kendall]

I reassure my hon. Friend that local authorities will be able to put examples to the Public Sector Fraud Authority for scrutiny. The new powers introduced by the Bill will enable the PSFA to crack down on precisely those issues.

“Get Britain Working” White Paper

Shaun Davies Excerpts

Tuesday 26th November 2024 Commons Chamber

[Liz Kendall]

I do not want to see people being hounded. If they are able to work, I want them to get the support they need to do that. That is the big challenge that we face. There are more disabled people working than ever before, but for many others their conditions might fluctuate and the world of work and the benefit system need to understand that. I am interested in providing people with support not hounding them—there should of course be conditions and responsibility within the social security system, as has been the case since it was set up—and I hope that is not happening to the hon. Gentleman’s constituent. If it is, perhaps he will write and tell me more about it.

[Shaun Davies (Telford) (Lab)]

Those who can work should work, but so should the support services. I welcome the Secretary of State’s statement on transforming that public service, which embraces many of the principles of the work done by the Local Government Association on “Work Local”. In Telford and Wrekin, where I was council leader, we were driving down youth unemployment under the previous Government, but we were expected to pay a charge to the DWP to share data. Will the Secretary of State assure me that that will not happen under these plans to work local?

[Liz Kendall]

It seems to me to be completely the wrong approach to put barriers in the way of data sharing. Some of the best innovations—I am thinking particularly of Barnsley council—have shared data between the health service, the jobcentre and the DWP about people facing barriers to work and what needs to happen to put that right. We have to enable that to happen everywhere. I want to tear down those barriers, not put more up, so I will definitely take away that issue.